NEW YORK, NY - The joint venture team of Cushman & Wakefield and Greystone announced that they arranged the sale of and provided acquisition financing for W Flats, a 247-unit multifamily community located in East Charlotte. The multifamily property was sold by LIV Acquisitions to buyer Rise48 Equity, LLC.
Cushman & Wakefield’s Paul Marley, John Phoenix, Alex McDermott and Gavin Conlon represented the seller in the transaction. Greystone’s Donny Rosenberg and Daniel Kaweblum originated a three-year, acquisition bridge loan featuring two one-year extension options.
“W Flats represents a rare opportunity to acquire a true value-add opportunity in a rapidly evolving submarket of Charlotte. Our team had the pleasure of representing a highly respected long-term owner while also helping a large national operator break into a competitive new market. We look forward to seeing Rise48 execute their business plan in the coming years and continuing to grow their presence throughout the Carolinas," said Marley, Vice Chair at Cushman & Wakefield.
Located at 7200 Wallace Rd., W Flats is among the appealing East Charlotte submarket which offers a robust average household income, resilient rent growth, consistent occupancy rates and increasing property values that position the region for future market expansion and growth. The multifamily community also offers top-notch suburban and lifestyle amenities along with value-add potential through the completion of a full renovation across the property.
“In a tough lending environment, we pooled our joint resources with Cushman & Wakefield to provide first-call service and more importantly, achieve results for the Rise48 team,” added Kaweblum.